Property ownership can be a fulfilling experience and a life changing opportunity. Owning a property can address both inevitable housing needs and has the potential to provide sustainable financial security. This makes it a very attractive and highly sought-after asset.
Many people have the desire and aspiration to own property but finding the right one, at the right price and location can be a daunting task.
It is not very easy to find an existing property that meets a buyer’s specific needs and budget.
For this reason, many prospective buyers choose pre-construction (off-plan) properties due to their flexible acquisition opportunities, potential growth value and affordable payment options.
Whilst rising property prices in both emerging and developed markets seemingly deter some prospective buyers from entering the property market, there is a growing trend of looking at alternative competitively priced emerging markets like Batumi in Georgia.
Batumi is a growing resort and port city located on the Black Sea and a great example of an emerging property market offering a wide range of great off-plan property opportunities. It is Georgia’s second largest city with a population of over 160 000 inhabitants, located in the capital of Adjara, a region in Southwestern Georgia.
Batumi lies on the shore of the Black Sea below the Caucasus mountains. It’s convenient location, intriguing culinary experiences, exciting culture, and its subtropical Mediterranean climate make it an attractive tourist destination poised to become an affordable alternative to Monte Carlo.
This exotic city boasts a number of breathtaking attractions including a lively promenade with sprawling palm trees, a hive of recreational activity for cyclists, runners, tourists, and locals enjoying a stroll in the tranquility of the Black Sea ocean breeze. Batumi’s rich history and strong culture combined with Georgian hospitality give tourists a variety of memorable experiences, with the city’s botanical gardens, national parks and historic landmarks defining the city’s historic identity.
Batumi remains a hidden treasure and a rising star in the Caucasus region, boasting tourism and gambling as the main economic drivers fueling the city’s remarkable property boom. The Government’s strong economic growth vision and aggressive reforms stimulate Batumi’s steady property market rise.
The considerable construction activity reflected by the cranes hanging all over the city demonstrate the city’s real estate market growth potential. The bustling emergence of skyscrapers, from renowned hotels to stunning residential and commercial buildings is a clear indication that Batumi’s is a haven of real estate opportunity.
This is highlighted by the overwhelming emergence of projects from new and established local developers with many unique properties across the city. Although the entire city remains the site of development activity, most development is concentrated around the Old Batumi and Rustaveli districts, the busiest areas where many projects are located.
The common challenges of property growth in an emerging market located in an occasionally volatile regional environment have the potential to impede economic growth, this is not the case for Batumi. The city remains resilient and determined whilst maintaining its goal of rapid socio-economic growth inspired by strong property demand, bolstered by positive developer sentiment, committed government support and its position as a growing popular tourism destination.
With the exception of local buyers, the largest consumers of Batumi’s properties are foreigners who take advantage of the competitively priced and flexible property opportunities. Many Batumi developers offer prospective buyers easy and convenient ways to acquire off-plan property. Their partnership with banks allows them to provide accessible and enticing property acquisition opportunities with low reservation deposits and long-term interest free monthly instalments.
Batumi is well on its way to becoming a hub of economic growth, with many people still yet to discover it, this lovely port city remains a rising tourism star and an icon in the making. It is a hidden sanctuary, an opportunity waiting to be discovered, one that you cannot afford to miss.
The cornerstone of the off-plan property market is trust between prospective buyers and developers. The developers are obligated to demonstrate their ability to deliver on their promises and need to acquire prospective buyer confidence. Batumi is home to many established reputable developers offering great notable projects.
NOTABLE PROJECTS IN BATUMI
1. SEVENTH HEAVEN RESIDENCE
7th Heaven is a well-designed 40-storey premium, high-class residential complex, only a stone’s throw away from the Black Sea.
The two towers, both the East and West, are located right in the center of modern Batumi, having the panoramic views of the sea, mountains, and New Boulevard.
Developer: HGROUP CONSTRUCTION
2. HORIZONS RESIDENCE
Stunning multifunctional residential complex Horizons residence — the fifth project of the Horizons Group Batumi.
Well-developed infrastructure, walking distance to the sea, exceptional list of lifestyle amenities.
Developer: HORIZONS GROUP BATUMI
3. TERRASSA BATUMI
Terrassa Batumi is a new residential complex is located near the New Boulevard, the project is distinguished with diverse infrastructure, optimally planned apartments, and high-quality building materials.
The project is premium class residential 29-storey tower with 525 stunning apartments. The expected date of completion is August 2022.
Developer: TERRASSA GROUP
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Disclaimer: Offplan Agency is a wholly owned subsidiary of Victoria Sidlay Real Estate Consultants Limited UK. This article expresses the views and opinions of the author as commissioned by Victoria Sidlay with the purpose to inform. No part of this text may be construed as advise directly or indirectly to enter or refrain from entering into any commercial transactions emanating from the contents of this article. The author shall not be held liable or responsible for any damages, liabilities, claims emanating from actions, interpretations, conclusions, transactions (commercial or otherwise) and interactions with any or all of the developers, companies, their affiliates and/or any related party mentioned herein.